Yeah that is it, it was explained to me that it would be similar to our saying of: "What is this monkey business". Which would loosely translate to something like child play or a commotion.

You guys/gals/tweeps need to spend a month in "Cordoba Capital", Argentina. You'll hear one of the weirder, funniest, impossible to imitate dialects of spanish. Basically we adore them, but it's very far from what most "argentinean spanish" is, which is pretty distinctive itself amongst the latin american variants of spanish.